Busting this debt before 40

Chocolatefund

Evening fellow debt busters.  And a lovely warm day it is.

Time for financial brain dump #4

Mentally jumping up and down with excitement as in two days time, it will be my last loan overpayment.  Been going over my numbers and this is what it looks like;

Current loan balance is £2,577

On 1st July the direct debit of £285 will take it down to £2,292.  That means an overpayment of £2,007 will take it down to £285, then the last direct debit on 1st August will finish it.

There will be an interest rebate on this overpayment.  But I’ve no ideas how much it will be.  The last £505 payment gave me £23, so I could guesstimate how much it could be, then send a slightly less overpayment.  After mulling it over some, decided not to bother, and just send the £2,007.  That way, I don’t have to think about how much it will be and should get a refund of it after the last direct debit has done its job.

Will be emptying the sinking fund (£600) and cashing out the Ch@se round up pot (£105).  £100 from main bills buffer, and throwing £1202 from payday in two days to do it.

Fortunate that I got a lot more extra shifts in this month, more than usual.  Looking back, that extra income has probably moved the needle the most in this journey.

Can’t believe I’m actually gonna pull this off…

Briiiiiing on Payday!!!!  *froth mouth*

1stTimer

Soooo close! Come on payday!

dawnybabes

Ooh so close you can almost smell it ! 

Cara_

You're almost there - well done.

Chocolatefund

ITS DONE!!!

Loan overpayment of £2008 sent! (rounded it up to the nearest pence)

Balance is now officially £284.48. It does actually say in the app that this amount is the next direct debit, but the final payment date is still showing as April 2026.  Haha, I suppose as the interest rebate is calculated manually they will figure it out….and….we will see what happens next I guess.  

Holy Moly.  I keep running the thought going through my head that any extra money that comes in from now on is MINE.

Off to the shop now to buy a bottle of southern comfort and some sushi.  Going to treat myself to celebrate.

1stTimer

Congratulations enjoy your well earned treats!

Chocolatefund

1stTimer said:

Congratulations enjoy your well earned treats!

Thank You!  

LzzyIsGod

Massive congratulations! I look forward to seeing your name on that DF Role of Honour!

I love seeing people achieve their goals - never underestimate how inspiring you are to others on here ✨️ 

dawnybabes

Whoop, brilliant news 

Cherryfudge

Fabulous! All that hard work has really paid off. I hope you've enjoyed your evening.